Entrepreneurship Unit

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Entrepreneurshiphas grown to be one of the most popular terminologies in business andmanagement circles. Several outstanding individuals in the world ofbusiness such as Steve Jobs, Jack Ma and Bill Gates have been toutedas some of the most successful entrepreneurs in modern times.Apparently, all these men founded multibillion dollar companies andthemselves are worth billions. This has created the impression thatentrepreneurs are persons with million dollar ideas who have made itbig in the world with their start-ups. Well, that impression iswrong. There are millions of entrepreneurs in employment makingchange in their own ways. By working in management, individuals withentrepreneurial minds get an opportunity to employ organizationalresources to serve customer needs in a creative way. The functionalareas that entrepreneurs in management can apply their skills includeaccounting, management systems, finance, marketing, industryanalysis, and sales among others. Therefore, this paper seeks toaddress all the pertinent issues in entrepreneurship that informs andprepares managers to be competent in exercising their entrepreneurialskills with Apple Inc. used as a case study.

I.What is entrepreneurship

Ideally,there is no standard definition of the term entrepreneurship. Thedefinition of the entrepreneur is one of the most important andequally challenging tasks in understanding entrepreneurship asrevealed by several management and business related literature.Nonetheless, from the functional aspect of an entrepreneur,entrepreneurship is defined as the process of discovering innovativeways of combining resources in such a way that the market valuegenerated by this new combination of resources is of greater valueand utility than the market value of the constituent resources eitherindividually or in some other combinations. In simple terms,entrepreneurship is the ability to utilize ideas and availableresources to develop innovative products and services in a mannerthat their value is utilized optimally. With such variations in theperceived meaning of the term, it is necessary to dig deeper into thehistory of the term entrepreneur.

Examiningthe history of the term entrepreneurship brings in a seconddefinitional approach. The word entrepreneur itself originates from athirteenth-century French verb, entreprendre, meaning “to dosomething” or “to undertake.” Richard Cantillon first appliedthe term in business circles in 1730 in reference to “those who arewilling to buy at a certain price and sell at an uncertain price”(cited in Baum, Freese &amp Aron 2006, p. 6). In short,entrepreneurs are people who are willing to undertaker a businessrisk in whatever field. Accordingly, there have developed severaltheories of entrepreneurship that fall in the fields of economics,management, sociology, anthropology, and psychology (Simpeh, 2011).Each of these fields also defines entrepreneurship differently as thepaper will further elucidate later.

Anotherdifferentiating factor in defining entrepreneurship as opposed to thefields pertains to the level of risk involved. This is in addition tothe level of involvement in a business as articulated by John StuartMill. To Mill, an entrepreneur assumes both the risk and themanagement of a business and the French term entreprendre hasno equivalent to in English and the practice requires “no ordinaryskill” (Schumpeter 1942). In this manner, Mill provided a clearerdistinction between an entrepreneur and other business owners (suchas shareholders of a corporation) who assume financial risk but donot actively participate in the day-to-day operations or managementof the firm. This calls into question why managers working inorganizations should be branded as entrepreneurs assuming they assumevery little risks in terms of resources compared to investors.

Thesixth approach to defining entrepreneurship was developed by Austrianeconomist Joseph Schumpeter (1942). To him, entrepreneurs wereinnovators and their innovations can be classified into fourcategories:

  • new products

  • new production methods

  • new markets

  • new forms of organization

AlthoughSchumpeter’s categorization of functions of entrepreneurship waswidely used, he held a view that did not support business innovationthat much. Alongside other scholars of his time such as Chandler(1977), Galbraith (1967), he managed to convince a generation ofeconomists, intellectuals and policy makers that smallentrepreneurial start-ups have no cannot compete effectively againstof large corporations. He argued that inefficiencies of smallbusinesses juxtaposed against the economics of scale enjoyed by largecorporations would obviously reveal that small businesses are boundto fail. Today, empirical evidence has profoundly discredited theviews of these early scholars. Global technology firms such asGoogle, Facebook and Dell have all had very humble beginnings. Infact, Dell Computers, which struck a $24.4 billion dollar leveragedbuyout in early 2013 was started in a college dorm, same way asFacebook. Apple Inc, one of the most valuable companies in the worldby market capitalization also had humble beginnings but hasexperienced exponential growth over the years as shown in fig. 1.However, the seemingly minute enterprises have grown to be globalgiants despite competition from other larger players.

Furthermore,statistics point to the growing importance and influence of smallbusinesses and entrepreneurial startups. By 2010 estimates, small andmedium enterprises (SMES) employ 39% of high tech workers in the USand produce 14 times more patents per employee than big firms. Theyalso contribute about 40% of the GNP as well as employing 53% of theworkforce in the private sectors besides being the desired entrypoint into the labor force for 67% of young people in America. InBrazil also, SMEs employ 57.2% of the labor force (Nassif, Ghobril &ampda Silva 2010).

Figure1. Apple Inc`s entrepreneurial growth path

Otherdefinitions of entrepreneurship have emerged. One such widelyaccepted definition is that “entrepreneurship is a process thatinvolves the discovery, evaluation and exploitation of opportunitiesto introduce new products, services, processes and ways of organizingof markets (Shane et al cited in Baum, Freese &amp Aaron, 2006 p.6). Lindsay (2005) believes that entrepreneurship being define d by adegree of risk maintains that its definition various with culture.This view is supported by Geert Hofstede’s cultural dimension modelthat argues that risk averseness is a product of culture that varieswith national culture. Thus, taking Lindsay’s views, what qualifiesas entrepreneurship among North Americans may not be considered asentrepreneurship in China or other Asian countries.

II.The role of entrepreneurial managers

Entrepreneursserve many roles in organizations. Besides assuming risks and beingengaged in the running of a business at different levels,entrepreneurs play other roles. According to Dover and Dierk (2009)and as depicted in figure 2, entrepreneurship is just one arm ofrunning an organization with the other being leadership andmanagement. The author feels that managers are mandated to cope withcomplexity presented by different combinations of resources toproduce desired product/services. Leadership on the other handentails coping with change wile entrepreneurship entails coping withopportunities. Nonetheless, there is a possibility that one canpossess the capability to combine these roles effectively as capturedby the Venn diagram. Based on this, then it merges that the role ofthe role of entrepreneurial managers it to cope with opportunitiesfor innovation that arise and oversee the complexity that may emanatefrom the complexities unique to the organization, innovationsthemselves and potential growth of the organization.

Figure2 Roles of an entrepreneur, source: Dover &amp Dierk (2009).

Anothertake presents a different role of entrepreneurial managers into threespecific roles. The first role pertains to being able to identifybusiness opportunities the minute they emerge and before they becomeobvious to everyone in the market and communicate the existence ofsuch opportunities to the key stakeholders. Entrepreneurial managersmust also be able to mobilize the best human resources at hisdisposal to develop such opportunities which may exist as new ways ofdoing things, new products/services new forms of production, newforms of organization and even new markets. After mobilizing a team,the entrepreneurial manager must be capable of displaying effectiveleadership skills in order to lead the project team in manner that itcan achieve its goals within the stipulated time and with theavailable resources.

Awayfrom the managerial-based view of entrepreneurship, the economic viewof the entrepreneur has a different take of what an entrepreneurialmanager should be. Renowned American economist, Frank night,differentiated management and entrepreneurship by looking atentrepreneurs in the strict sense as producers working with theresources of investors and stakeholders in the hope that they canoffer returns on investment. Thus, the role of the entrepreneurialmanager goes beyond the ordinary manager who only manages resourcesand has business know-how but is not strategically required to beinnovative or demonstrate exceptional leadership (Schumpeter 1942).

Similarly,the economic entrepreneurship theory tooted in classical andneo-classical economic theories differentiates managers andentrepreneurs. The classists believed that entrepreneurs directfactors of production while the neoclassicists explained thatentrepreneurship was largely driven by upheavals in the market andthe concept of diminishing marginal utility which pushes innovationthat also serves as the impulse for the motion of a market economy(Simpeh 2011). Simply put, entrepreneurs need to have both theability to manage resources at their disposal and have the foresightto continuously see opportunities in the market unseen by others anddevelop innovative products that will jumpstart consumers’ marginalutility and thereby drive an economic system (ibid).

Forinstance, in the case of Apple Inc, Steve Jobs as the entrepreneurialmanager that he was, was able to identify a unique market indeveloping new gadgets that fell between mobile phones and laptops inthe name of tablets. Using his ingenuity, the man was able to utilizeavailable resources and employ the firm’s research and development(R&ampD) team to develop this opportunity of to develop a go-betweensmart phones and laptops. In the end, the team its goals indelivering iPad that ushered in a new market of tablets. It must benoted that Steve Job’s quick thinking allowed him to identify a newniche market that gave the firm the pioneer advantage and chargepremium prices before competitors swamped the tablets market. Thisalone captures exactly what entrepreneurship should entail.

Whyis entrepreneurship important

Entrepreneursare important for various reasons. There are four main reasonsborrowed from Schumpeter (1942).

  1. Innovation drivers. Entrepreneurs play a central role in any given economic system. They persistently integrate information and knowledge not yet utilized by others into developing new products and services. For most entrepreneurs, they do not need extensive and oftentimes expensive market surveys to understand consumer needs but they can rely on easily accessible information and interpret with a keen eye. This differentiates them from large corporations that mostly rely on expansive surveys to gather information about the market and consequently develop desire products.

  1. New start-ups. By entrepreneurs turning newly innovated products and services into commercial ventures, they create new start-up. These start-ups are turned into small businesses and in some cases turned into huge corporations with input from investors. Some of the major multinational corporations started out of fresh ideas from entrepreneurs. Apple, Microsoft and Facebook are some of the world’s most successful starts established by entrepreneurs who had the guts to destabilize the market with new ideas and persevere long enough to achieve success. Thus, entrepreneurship also requires a strong character and the will to succeed.

  2. Job creation. Entrepreneurs and startups are some of the largest employers globally. In major developing economies, SMEs are the largest employers as reported by Nassif, Ghobril and da Silva (2010) who say that 52.7% of the labor force in Brazil works in Brazil. Besides offering employment, they provide opportunities to learners to gain industrial experience by offering industrial attachments, as well as working learning institutions to develop industry relevant courses and also contributing to government revenue that also creates government jobs indirectly (see fig 3).

  3. Global entrepreneurship and globalization – entrepreneurs play a great role in promoting global business by expanding their operations across national borders. Case in point, Apple Inc. was established as a small entrepreneurial startup in 1976 in the US but in modern times, it has grown to be one of the largest organizations in the world with operations and suppliers located in numerous countries.

  4. Social development. Just like any other business, entrepreneurships contribute to the betterment of society in various ways. Most important of them is provision of employment to people and thus raising the standard of livings for such people as well as contributing to local development and environmental conservation through corporate social responsibility programs.

Figure3 functions of entrepreneurships, source:

Whatdo entrepreneurs do?

  1. Passionate

Entrepreneurshiplargely depends on the character of the person as much as thesoundness of the idea. A good business idea may fall because of poorcharacter of the entrepreneur or the other way round. As such,successful entrepreneurship is largely dependent on good charactertraits and a sound idea. Some of traits or things that entrepreneursmust demonstrate are:

Theyhave a higher need for achievement visible in the passion andenthusiasm they portray towards their goals and projects. Their goalsmust not be driven by money or profits but by the product or servicesthat they have to offer that contributes to the betterment of societyand not his personal life. This passion must also not fail in themidst of difficulties but instead helps the entrepreneur move throughdifficulties. It also must be infectious. A good entrepreneur willtransfer the positive attitude, belief and passion of his ideas tohis team and inspire them to greater heights.

  1. Persistence and enduring.

Entrepreneursmust be willing to take the long route to success as opposed totaking short cuts. They are therefore willing to live throughhardships, rejection, failure and many other obstacles that comealong their way as they seek to achieve their goals. It is only byliving through these obstacles and hardships that the entrepreneursdemonstrate their commitment and in the process inspire others tobelieve in the new product (Lopez 2013).

Oneof the very good examples of persistence has to be about the story ofNutiva founder, John Roulac. Roulac is the founder of theRichmond-based organic food company Nutiva. He founded the firm in1999 intent in challenging the current industrial food system infavor organic food. As a strong believer and crusader inenvironmental sustainability, Roulac ventured into the hemp-basedfood industry by opening a hemp bar. He would source his organicallygrown hemp from India for sale in the US. However, given that thatthe plant belongs to the family of cannabis, he was often harassed bycustom officials in the US over the legality of his products. To makematters worse, the US government through the Justice Department andwith the advice of the Drug Enforcement Administration published alaw that banned hemp products by classifying hemp in the samecategory as heroin. Instead of giving up, Roulac sued the USgovernment and the Drug Enforcement Administration. In a clandestineruling two years later, he won the case thereby allowing him tocontinue with his business (The 7 traits 2015).

  1. Vision and foresight

Entrepreneursmust be several steps ahead of the competition. The idealentrepreneur should be able to see a business opportunity beforeothers and move ahead to develop a product or service to serve thatopportunity. He must also be able to see the bigger picture in themarket and pursue growth and expand their business. For instance inthe case of the development of Facebook, the platform was intended toenable Harvard students socialize better and keep up to date withcurrent university affairs. However, the founders soon recognized thepotential that lies in widening the platform to reach out to otheruniversities before rolling out the platform to the general USpopulation before going global. Today, Facebook is one of the mostwidely used social media platform that has revolutionalized howpeople interact, relate and socialize all over the world.

  1. Flexibility

Thisis one of the mainstays of modern entrepreneurships. The entrepreneurmust be flexible enough to change quickly in response to changingmarket conditions. This should be able to give entrepreneurships anedge over large corporations which follow the old business modelwhere bureaucracy, status quo and protocol are dominant themes. Bybeing flexible, the entrepreneur should empower his team and supportthem to develop new ideas. Flexibility can allow firms to changetheir product mix and even move into new markets before others can.For instance, late in the 1980’s and early 1990’s, IBM hadestablished itself as a large player in computer hardwaremanufacturing industry before changing its core product offering.Facing competition from new players and a shrinking market share, thefirm moved into the software and consultation market where itcurrently dominates. This change in the product offering allowed thefirm to avoid collapse and reinvent itself and remain relevant in themarket.

Socialresponsibility and ethical issues facing entrepreneurs

Theethical and social responsibilities of the entrepreneur are mainlydetermined by the public, laws and regulations, interest groups,other business entities, and personal moral values.


Thisis a new form of entrepreneurship that applies to solving socialproblems. The approach involves entrepreneurs focusing on innovationand taking risks to solve social problems for society’sadvancement. The process involves recognition of a perceived socialopportunity, translation of the opportunity into an enterpriseconcept and identification and acquisition of necessary resources topursue the opportunity. Thus, entrepreneurs are increasing facingpressure to apply their entrepreneurial skills to address some of theworld’s most pressing social problems such as poverty in lessdeveloped and developing countries and even the problem of housingall over the world.


Thereis a new crop of youngsters that is very intent to create an impactin society and leave a legacy of improved environmental and socialconditions for future generations. Traditionally, environmentalconservation efforts have been perceived as matters to be handled bylarge corporations as opposed to being an individual effort.Consequently, pollution and climate change discussions have tended tofocus on large corporations leaving out small players. However, withtime, there has been a paradigm shift and environmental conservationis perceived as a responsibility to individuals and even SMEs.Entrepreneurs, owing to their flexibility and innovativeness, are thebest placed to develop game changing sustainable approaches to newmethods of doing business as opposed to large corporations.

Thefirst possible solution to climate change is to forego the use offossil fuels. This includes abolishing the burning of coal, naturalgas and oil (Biello, 2007). In such a way there will be energyconservation as well as cutting on the emission of carbon dioxide andother greenhouse gases. Scientists highlight that carbon dioxide isthe largest contributor of climate change and therefore, cutting onthe emission of carbon dioxide will help in reducing this phenomenon. Instead, renewable energy sources should be used. These include butnot limited solar, wind, bio-fuels and wave energies. Thesesubstitutes will help in the reduction of carbon dioxide emissioninto the atmosphere.

Theother possible solution is conducting carbon sequestration (Biello,2007). This entails trapping carbon dioxide before it is allowed toenter into the atmosphere. This can be done by pumping carbon dioxideinto the ocean or into the underground. However, the carbon dioxidecan as well be sequestrated by the plants, but as researchhighlights, carbon dioxide sequestrated by the plants is quicklyreleased into the atmosphere again, which makes this mode inefficientin eliminating carbon dioxide from the atmosphere. However, asresearch highlights, trees play a major role in regulating the amountof carbon dioxide in the atmosphere (ibid).

Start-upand planning issues for an entrepreneurial venture

Thestartup economy is rich with opportunity, innovation and potential.But at the same time, it is also fraught with high-stakes risks.Entrepreneurships face a different set and intensity of riskscompared to established businesses and large corporations. Broadlyspeaking, there are five main challenges as follows:

Productrisk. Entrepreneurs face apotential risk in explaining to their potential clients why they needa new product or service.

Marketrisk. Identifying theright niche market thatbuying power that correspondsto the pricing strategy that the entrepreneur has chosen. Forentrepreneurs in the hind end market, they must be capable ofdeveloping customer-friendly goods that meet the high qualitystandards expected by premium consumers.

Financialrisk. First-time entrepreneurs are considered very risky byfinancial institutions to forward them credit. The risk of failureand loan default is relatively high with the majority ofentrepreneurships failing within the fit five years. Fortunately,technology has enabled new ways of sourcing funds for entrepreneursas opposed to the traditional family and friends as a source.Gofundme, Kickstarter and Indiegogo are fertile areas thatentrepreneurs can get funding. Again, TV programs such as the SharkTank has been critical in funding entrepreneurships.

Teamrisk. Team members may lose faith about a venture along the wayand leave the team or disagreements can arise among team members.When that occurs, chances of the team achieving the set goalsdrastically reduce.

Executionrisk. Many entrepreneurs tend to get trapped in details andmicro-managing developments that they lose sight of the biggerpicture. A good look at the major milestones which one of thegreatest entrepreneurships has made over the years reveals thatentrepreneurs have to always keep an eye on the larger picture,

Embracingfailure as learning

Entrepreneursmust be prepared to fail and fail many times before they can succeed.Famous entrepreneurs have profiled and chronicled their failuresbefore making it big. John D. Rockefeller was a high school drop-out.That that did not prevent him from becoming one of the savviestbusinessmen in history. He further faced another challenge after hisoil refinery business disintegrated, he reorganized himself andre-launched his business to greater success.

Planninga venture: developing a business plan

Fornew enterprises, a business is integral. It expounds on the businessoffering and articulates how a given venture is viable as a biasnessopportunity. Strategic planning is best understood in business asdeveloping a path to meet goals and objectives. SMEs are likely to beinvolved in other forms of planning rather than business planning.SMEs, especially owner-operator businesses, the management is moreconcerned about short term goals and succession issues rather thanmanagement decisions. He writes that such firms tend to assume thatmarket conditions will remain the same in the foreseeable futurehence no need to be speculative and plan ahead. Towers and Burnes(2008) note this common trend of short term plans by SMEs. Inanalyzing supply chain management planning by SMEs, the authors notethat enterprise planning activity for manufacturing SMEs is driven bycustomer’s demand schedule which is then translated into arealistic plan in the manufacturing plan. This is the acceptedprocess in manufacturing firms only that most SMEs make the mistakeof deriving their strategic master-plan from such short term plans.This implies that the effectiveness of the organization as a whole isessentially supported by the relationship between the firm and itscustomers. The authors argue that such as relationship is narrow andoffers very little opportunities for growth for the SME.


Employeeturnover is the movement of employees from internal position in anorganization to another one position, within or without theorganization. Employee turnover is both beneficial to an organizationand also detrimental. According to (Ranklin 2003, p. 403),organizations willing to change have to let go some employees andseek new talents and skills in the market as training existingemployees maybe time consuming and costly. On the other hand, firingemployees is a cost to organizations in terms of pension andtermination benefits paid to them and experience and knowledgepossessed by such employees. New employees on the other hand are achallenge to the existing organizational culture. A large number ofrecruits have the potential of destabilizing the existingorganizational culture which is fundamental to organizationalperformance.

Thestrategies used in retaining or/and recruiting employees have tomatch with organizational strategy which is not an easy task. Ranklin(2003) notes that high rate of staff turnover is bad for businesswhile at the same time a stagnant workforce is bad for business too.The major cause for staff recruitment is increase in production hencedemand for labor and replacement of retired. Organizations pursuingchange are at times forced to part ways with some employees,especially senior ones who are seen as possible threats to change. Onthe other hand, organizational growth calls for more human resourceshence recruitment of new employees. Replacement of retired employeesdoes not affect the labor force very much in costs as it is foreseenthough it impacts on the organizational knowledge.

Howto stimulate and make changes

Innovationand change are terms that under strict definition are usuallyregarded to be analogous. Innovation is associated with technologicalor technical changes made into the daily functioning of theorganization or an institution. It is as a result of innovation thatchange is realized. Change is thus a product of innovation. Changemeans that, routine or traditional operationalization of anorganization has been altered or replaced by a more innovative andtechnical system. Change is achieved through establishment andadaptation of innovation. Consequently, these two terms, change andinnovation go hand in hand and it is difficult to talk of any of themindependently.

Thecontinuing importance of innovations

Changein an organization is brought about by the need to enhance servicesand productivity. It is achieved through adaptation of technologicalinnovation and hence change is a byproduct of change. Thus for firmsto improve their performance and even position in the market, theyhave to continually innovate and reposition themselves in the marketthrough the new products they introduce into the market.

Theentrepreneur as leader

Theentrepreneur should be capable of playing the role of a leaderextremely well. He should also possess all the necessary leadershipskills in order to push his entrepreneurial ideas into a successfulcommercial venture. Organizational consultant Warren G. Bennis in oneof his books said that

Thereis a profound difference between management and leadership, and bothare important. To manage means to bring about, to accomplish, to havecharge of or responsibility for, to conduct. Leading is influencing,guiding in a direction, course, action, opinion. The distinction iscrucial (Bennis, 2009, 26).

FromBennis’ (2009) statement, it is obvious that leaders play the headrole while managers run the business processes of that particularorganization. This leads to a differentiation between management andleadership. Yukl (2009) says that leadership is a process wherebyintentional influence is wielded by one person or a group over otherpeople to guide, makeup, and facilitate activities and relationshipsin a group or organization. A manager on the other hand is chargedwith the role of managing tasks and ensuring that business processesrun appropriately and that organizational goals and objectives areachieved. Therefore, a leader deals with the people element in anorganization. A manager of the other hand is involved in overseeingthat the tasks and objectives laid out by the leadership and ensuringthat they are attained. In short, the manager solves short termproblems within the organization while a leader has a more long termvision for an organization by drafting the way. The leader thusdrafts a general direction for an organization while a manager workson the details and push for the upholding of the way forward as perthe plan (Yukl 2008).

Theentrepreneur should also lead his team and subordinate by example.There is a common saying that says, ‘monkey see, monkey do’. Whenapplied into management and leadership, it means that subordinatesare most likely to do as they see their leaders do. Many subordinatesaspire to be leaders and hence they try to imitate their leaders inthe belief that such behavior will make them successful or evenimprove their hierarchical status in an organization. For thisreason, leaders should be capable of leading by example and leadingfrom the front. Leaders must be willing to remain ethical in theirtransactions and even how they handle their image in public. Forinstance, Steve Jobs, a man who was hailed for leading Apple Inc. tobecome one of the greatest firms in the computer industry wasquestioned for his acceptance of reimbursement of $1.2 milliondollars in fuel charges for his private jet incurred on businesstrips. Ireland et al (2011) indicate that while such reimbursementswere totally legitimate, it would have a negative impact on thesubordinates who would be encouraged to seek out opportunities thatthey could exploit the firm. Visionary leaders should be capable ofshelving the ‘me-first’ perception and giving priority to theneeds of others and the interest of the team or organization.

Leadingby example also means that leaders must have unquestionable personalattributes. Leaders must be hardworking and set the pace fororganizational commitment to be emulated by their subordinates. Thisentails intricate issues such as careful planning on variousorganizational levels. Where a leader is not committed to a goal orvision, it is hard for the subordinates to commit. For this reason, aleader should have a military mind in the sense that a mistake in hisor her orders will most likely trigger a domino effect in the wholeorganization or team. Somech (2006) indicates that for employees,commitment is a function of job satisfaction and attitude. Much ofthe attitude towards a job according to the authors emanates from howthey relate with their seniors including leaders.

Theoriesin leadership development are categorized into charismatic,transformational, visionary, cognitive and behavioral. These aretotally different from the supervisory theories (e.g. path goal andcontingency) which are more related to the managers’ role ofoverseeing tasks. These strategic leadership theories focus on theimportance of strategic thinking in an organization. Ireland and Hitt(2005) say that the performance of an organization is a reflection sothe strategic thinking capacity of its leadership. In addition,“…..the specific knowledge, experience, values and preferences oftop managers are reflected not only in their decision, but in theirassessments of decision situations” (Ireland and Hitt, 2005, 65).Boal and Hooijberg (2001) on the other hand say that strategicthinking does not come into play always but rather argue that thereare specific instances when strategic thinking and leadership areneeded. They say “if leaders mistakenly believe they havediscretion when they do not, then actions are likely to be met withresistance and failure. Only where objective and perceived discretionare congruent is success likely” (Boal &amp Hooijberg, 2001, 519).


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